Step One: Choose an Agent

This is the most important step as discussed earlier. If you skipped over the Buyers section, go back and read it first.

Step Two: Pre-Qualification

Before looking at any homes, you need to meet with a bank or mortgage broker to discuss financing. Any bank or broker can give you a letter of pre-qualification; make sure you feel comfortable with that particular organization or individual. This person will play a huge role down the line once you have found your home. Your Realtor should have a close network of different banks and brokers who he or she trusts.

Step Three: The Search Process

Ask anyone of my clients and they will tell you, "patience is the key", this is my adage. One out of a forty people will walk into the first home they see and buy it, although the possibility is there, I prefer to show my clients a number of homes. Even if you still decide that the first one was it, at least now you have properties to compare it to. I work with my clients on a daily basis to ensure that, when they do find the perfect home, they will never wonder if there was something out there better. You should never experience any buyer's remorse.

Step Four: The Offer

1. Determine offer price
2. View Property Disclosures and sign
3. Initial Deposit (normally 1% of offer price)
4. Attach letter of pre-qualification
5. Determine Important Dates (discussed below)

After Acceptance

Step Five: Your Attorney

Once the offer is executed by both parties, it will then be given to the attorney. This person can make or break the deal!! Choosing an attorney whose practice is mainly real estate is ideal. These attorneys have a better understanding of laws and principals that surround real estate. As with brokers and banks, your Realtor should be able to refer you to a number of good attorneys.

Step Six: The Inspection

This is the first important date that you and your agent need to set. Inspections are usually performed within seven to ten days after the acceptance of an offer. Any closing credits should also be decided upon in that same time frame. Again, your agent should be able to give you referrals.

Step Seven: The Contract

Depending which county the real estate is located, this is the next important date that should be determined. After all of the credits, if any, have been negotiated, contracts are executed by both parties. This is usually done within two weeks. This is also when another portion of your total initial investment or, down payment, is given.

Step Eight: Mortgage Commitment Date

The third important date, is the mortgage commitment date, generally, three weeks to a month after the accepted offer. There is a detailed process that they will begin to perform along side you and your agent. First, an appraisal will be done on the specific property, after that, the entire underwriting process will begin.

Step Nine: The Final Walk Through

The morning of the closing, you and your agent will go back to the property to check for any major damage done to the property, or check for any unwanted items left by the owners. The house should be in a "broom swept" condition. Remember, unless you are buying brand new construction, there will be marks and small scrapes and things on the carpet that were not seen the first time around. Be ready to do some painting.

Step Ten: The Closing

This is the last and most important date decided by you and your agent. You, your agent, and attorney will all meet to go over the final details and you will be given the deed to sign. The financing will be sent over by the lender, and you will receive the keys to the property.

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